SHM Set to Expand Rapidly Throughout the US and Canada With Major Distribution Partners After Closing First $500k of $1M Round
SHM Controls' Board of Directors announces successful close of USD $500K capital raise ahead of the scheduled October 31st initial close. A significant increase in pending and projected system installations prompted the Board to approve over-subscription of up to USD $1,000,000, with a second close scheduled for January 31st 2019.
VANCOUVER, British Columbia, Oct. 22, 2018 /PRNewswire-PRWeb/ -- SHM Controls Inc. ("SHM Controls" or the "Company"), a developer of a IIoT HVAC control system (the SHM Controller) and wireless sensor technologies, has successfully closed its USD $500,000 capital raise ahead of schedule.
SHM Controls attracted the interest of angel investors, VC funds and investment bankers from the Pacific Northwest, Florida, and New York during this most recent capital raise.
Given the substantial investor interest, and the significant increase in the Company's pipeline of pending and potential installations in British Columbia and across the US, the Board of SHM Controls approved an oversubscription of an additional USD $500,000 with a second and final close for the round on January 31st 2019.
"I'm excited about the year to come. I've got the capital necessary to execute my plan, and our pipeline is exceeding expectations," says SHM Controls' CEO Oded Malky. "Our distribution partners are doing a great job, and pilot customers are clamouring to roll out SHM installations throughout their building portfolios."
"We already have our 2019 sales forecast in the funnel! It's great to see the results of Oded's disciplined execution and steadfast approach. As an angel investor, this is exactly the type of CEO, team, and company I like to back," added Sean Melrose, early SHM investor and now VP Finance, SHM Controls.
About SHM Controls Inc.
SHM Controls is headquartered in Vancouver, BC. SHM Controls has developed a low-cost smart wireless IIoT HVAC controller for buildings and offices that reduces energy consumption by up to 30%, offers full remote access, control, and automated email/text alerts in the event of mechanical equipment failure. It transforms a building's existing set of independent thermostats into a networked array of Industrial IoT sensors, controlled and optimized by a system-wide machine learning, energy saving algorithm. Dozens of building installations in the Pacific Northwest and the US Eastern Seaboard have demonstrated unprecedented energy savings over the 5 year data collection period. For more information, visit http://www.shmcontrols.com
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE SHM Controls Inc.
For further information: Oded Malky, Chief Executive Officer, SHM Controls Inc., T: 604-637-7025 Ext 801, [email protected]; Sean Melrose, VP Finance, SHM Controls Inc., T: 604-483-5544, [email protected]
SOURCE SHM Controls
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